MoonPay, a leading cryptocurrency payment platform, has announced the acquisition of Sodot, a cutting-edge Israeli crypto security firm, as a strategic move to introduce MoonPay Institutional. This new division is designed to cater to the needs of large financial institutions seeking to navigate the crypto landscape.
According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million in an all-stock deal. The MoonPay Institutional unit will provide a comprehensive suite of tools, including trading, tokenized securities, payment solutions, wallet management, and stablecoin issuance, with Sodot's technology serving as the foundational key management layer. Caroline D.
Pham, who joined MoonPay as chief legal officer and chief administrative officer after serving as the acting chair of the Commodity Futures Trading Commission, will spearhead this new initiative. Sodot's innovative self-hosted multi-party computation (MPC) infrastructure is tailored to meet the stringent requirements of institutions, offering enhanced control over asset movement, transfer approvals, and automated transaction handling. With this acquisition, MoonPay further solidifies its position in the market, building upon its existing capabilities that enable users to buy and sell crypto through various payment methods.
Over the past year, MoonPay has made significant strides in expanding its enterprise infrastructure through the acquisition of stablecoin platform Iron and crypto checkout firm Helio. Today, MoonPay boasts a global customer base of nearly 30 million and powers the infrastructure for over 500 firms within the decentralized economy.